Britain's M&S promotes food and strategy bosses in top team shake-up



© Reuters. FILE PHOTO: A woman walks past a Marks & Spencer store at Oxford Street, amid the outbreak of the coronavirus disease (COVID-19), in London, Britain, July 20, 2020. REUTERS/Henry Nicholls/File Photo

By James Davey

LONDON (Reuters) -British retailer Marks & Spencer has promoted strategy chief Katie Bickerstaffe and food boss Stuart Machin in a major shake-up of its management team’s responsibilities, making them the internal frontrunners to succeed Steve Rowe as chief executive.

Marks & Spencer (M&S) said the changes were to help the clothing and food group shift from the “fixing the basics” phase of its latest turnaround plan to a phase that will see it move on from the COVID-19 crisis, reinvest and restore growth.

M&S said Bickerstaffe and Machin will become joint chief operating officers, reporting to Rowe who has been CEO since 2016.

Machin, whom media reports had linked with the CEO’s job at supermarket Asda, will continue as managing director of food but also oversee operations, property, store development and IT.

Bickerstaffe will oversee the data, services, clothing and home and international businesses.

If Bickerstaffe does eventually take over from Rowe she would become M&S’s first female boss in the group’s 137-year history.

M&S said finance chief Eoin Tonge will also take on strategy and transformation planning, while Sacha Berendji, currently retail, operations and property director, will move to focus on the future of the retailer’s store estate.

Richard Price and Paul Friston will remain as managing directors of clothing and home and international respectively.

READ  Ireland's Donohoe takes Eurogroup helm during worst recession

“Stuart and Katie will bring even more impetus to our core businesses,” said Rowe.

“With that I will, with Eoin’s support, be better able to concentrate on building the M&S of the future and our path to growth.”

After decades of failed turnaround attempts, Rowe and chairman Archie Norman have attempted to transform M&S’s culture, closed stores, increased the use of technology and improved product and value to broaden the retailer’s appeal.

But M&S was still struggling to reinvent itself before the pandemic hit.

A year ago it said the crisis would indelibly change its business and it would speed-up its latest plan, delivering three years of change in one.

In August, M&S cut 7,000 jobs and in November it reported the first loss in its 94 years as a publicly listed company.

Full year 2020-21 results will be published on May 26.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

READ  Facebook Gains As Insta Brings Ads To Reels, Its Answer To TikTok





READ SOURCE

LEAVE A REPLY

Please enter your comment!
Please enter your name here